The workforce at Onyx, the banking blockchain platform developed by JPMorgan, has increased by 200% since 2020.
JPMorgan, one of the largest financial and banking companies in the world, wants to lead the adoption of blockchain technology and digital assets among institutions. To this end, JPMorgan has been carrying out different efforts related to the crypto/blockchain industry, with the aim of providing its clients with a new line of business with solutions adapted to a wide range of needs.
One of these solutions is Onyx, the banking blockchain platform developed by JPMorgan, to offer its clients a space for the exchange of value and information and digital assets.
Onyx multiplies its workforce
Onyx was introduced in 2020 as the first platform based on blockchain technology run by a bank, one of the most important in the world.
Through this platform, financial institutions, fintechs, and corporations can access various types of digital assets, transact for wholesale payments, and seamlessly manage and exchange information within banking.
According to Indian bank, Onyx has been transforming the way money, assets and information are moved and managed around the world, and it is because of its success that JPMorgan has been adding new workers to the platform, in order to increase its efficiency and productivity.
From 2020 to date, the bank has incorporated 200 new workers to Onyx, which supposes a growth of 200% in the platform's workforce in the last 3 years. This represents an important advance for the bank, even more so considering the opposition that Jamie Dimon, CEO of JPMorgan, has maintained towards cryptocurrencies since the birth of Bitcoin.
JPMorgan cultivates a new digital business
Dimon has criticized and disparaged Bitcoin, pointing out that the cryptocurrency resembles a ponzi scheme or that it is a fraud asset. Recently, Dimon argued that if he were the government, he would “shut down Bitcoin.”
But the controversial statements and position that Dimon has maintained about Bitcoin not only contrast with the growth of its Onyx blockchain platform, but also with the services that the bank offers to its institutional and retail clients, so that they can access Bitcoin and other crypto assets through your accounts.
In 2021, the bank reported that it had expanded its cryptocurrency financial products, allowing a broader group of clients to access this new and emerging asset class. Likewise, in a letter addressed to investors last year, JPMorgan and Dimon himself expressed their interest in blockchain technology, decentralized finance and the Metaverse, opening a digital salon for Onyx in the Ethereum-based virtual world Decentraland.
JPMorgan has been striving to be at the forefront of new technology innovation, implementing the blockchain, the underlying technology of Bitcoin, in different areas.
In addition to this, the bank wants to lead the institutional adoption of cryptocurrencies, at a time when the appetite of institutions for cryptoassets like Bitcoin has not grown any more and when the possible approval of a Bitcoin ETF.
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